Podcast
Questions and Answers
Market research involves both desk research and ______
Market research involves both desk research and ______
field research
Factors affecting pricing strategy include cost, competition, and ______
Factors affecting pricing strategy include cost, competition, and ______
demand
Channels of distribution can include direct selling, retailers, and ______
Channels of distribution can include direct selling, retailers, and ______
wholesalers
Above the line promotion refers to advertising through media like TV, radio, and ______
Above the line promotion refers to advertising through media like TV, radio, and ______
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Understanding consumer behavior is crucial for marketing departments to ______ and satisfy customer needs
Understanding consumer behavior is crucial for marketing departments to ______ and satisfy customer needs
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Market led businesses develop products based on ______ wants.
Market led businesses develop products based on ______ wants.
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Businesses produce products that they believe customers will want and try to convince them to ______ them.
Businesses produce products that they believe customers will want and try to convince them to ______ them.
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High levels of market research carried out to determine customer ______.
High levels of market research carried out to determine customer ______.
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Market research isn’t seen as important in ______ led businesses.
Market research isn’t seen as important in ______ led businesses.
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Consumer behaviour is the actions and thoughts consumers make when purchasing ______.
Consumer behaviour is the actions and thoughts consumers make when purchasing ______.
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Study Notes
Management of Marketing
- The role of the marketing department is to anticipate, identify, and satisfy customer needs and wants by understanding consumer behavior, carrying out market research, and using the marketing mix.
Market Led or Product Led
- Market-led businesses develop products based on customer wants, conduct high levels of market research, and are often found in highly competitive markets.
- Product-led businesses produce products they believe customers will want, with little market research, and are often found in new technologies with little competition.
Consumer Behaviour
- Businesses, especially market-led ones, need to understand consumer behavior to satisfy customer needs and wants.
- Consumer behavior involves understanding why, what, how, and where consumers buy products.
- Factors to consider:
- Why: Need/want, social status, gift for someone else.
- What: Routine buying, impulse buying, extensive decision making.
- How: Cash/debit card, credit card, store credit.
- Where: Retail outlets, e-commerce, catalogues.
Market Research
- Market research is essential for market-led businesses to anticipate and identify customer needs and wants.
- Market research involves gathering, analyzing, and interpreting information to inform marketing mix decisions.
- Types of market research:
- Desk research: Analyzing existing information from sources like web pages, trade magazines, and government publications.
- Field research: Gathering new information tailored to the business' needs, using methods such as surveys, interviews, and observations.
Marketing Mix
- The marketing mix includes the 7Ps (Product, Price, Place, Promotion, People, Process, and Physical Evidence).
- Each element of the marketing mix will be responsive to changes in external factors and consumer behavior in market-led businesses.
Product
- The product life cycle includes introduction, growth, maturity, and decline stages.
- Extension strategies include product modification, rebranding, and relaunching.
- Product portfolio management involves evaluating and adjusting a company's product offerings.
- The Boston matrix helps companies evaluate their product portfolio and allocate resources accordingly.
Price
- Factors affecting pricing strategy include competition, target market, and product life cycle.
- Pricing strategies include penetration pricing, price skimming, and price bundling.
Place
- Channels of distribution include direct selling, retailers, wholesalers, and manufacturers.
- Factors affecting channel of distribution include product type, target market, and competition.
- Retailer types include department stores, supermarkets, and online retailers.
Promotion
- Above-the-line promotion includes advertising, sales promotions, and public relations.
- Below-the-line promotion includes direct marketing, personal selling, and events.
- Into-the-pipeline promotion includes trade promotions and sales promotions.
- Out-of-the-pipeline promotion includes public relations and events.
- Factors affecting method of promotion include product type, target market, and competition.
People, Process, and Physical Evidence
- The 7Ps are essential for creating a cohesive marketing strategy.
- People involve training and motivating staff to deliver customer service.
- Process involves designing and implementing efficient business processes.
- Physical evidence includes the physical environment and amenities that influence customer experience.
- Technology is increasingly important in marketing, with applications in data analysis, customer engagement, and product development.
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Description
This quiz covers topics related to managing marketing in business, such as market orientation, consumer behavior, market segmentation, market research, marketing mix, product life cycle, pricing strategies, and more.
